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Level 2
posted Oct 3, 2020 11:58:29 AM

solo 401k

My wife and I have a S-Corp. and in the past we both had W2 from that s-corp. This year we don't have nay income, but my wife has 1099 income, and no other income. We intend to close this s-corp. We have a keogh plan for s-corp and contributed to it in prior years (no income in 2020)

Can I my wife open a new solo401k account and contribute max from her 1099 income?

 

Thanks

 

S 

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1 Best answer
Level 15
Oct 3, 2020 6:24:42 PM

Can I my wife open a new solo401k account and contribute max from her 1099 income?  Yes she can if she puts the income on a Sch C as a sole proprietor.... also consider an IRA   or a SEP IRA.   Talk to a local professional for retirement account set up assistance. 

1 Replies
Level 15
Oct 3, 2020 6:24:42 PM

Can I my wife open a new solo401k account and contribute max from her 1099 income?  Yes she can if she puts the income on a Sch C as a sole proprietor.... also consider an IRA   or a SEP IRA.   Talk to a local professional for retirement account set up assistance.